Symbolic picture only. , Photo Credit: AP
Hyundai Motor India Limited (HMIL) on March 13 said it has signed a ‘term sheet’ for the potential acquisition of identified assets belonging to General Motors India, Talegaon Plant, Maharashtra.
The term sheet covers the proposed acquisition of land and buildings and certain machinery and equipment for construction, located at the General Motors India, Talegaon Plant.
“The proposed acquisition is subject to the signing of a ‘certain asset purchase agreement’ and receipt of regulatory approvals from relevant government authorities and all stakeholders related to the acquisition and fulfillment of conditions,” the company said in a statement.
It has been shuttered due to lack of demand for its products and the US auto major is locked in a legal dispute with its workers who want to be part of the ownership change.
Recently China’s Great Wall Motor (GEM) pulled out of his bid Acquisition of plant after waiting for more than two years to obtain necessary approvals.